Kate Ashford, CSA®
More than 1 in 4 retirees say they spend more than they can afford, according to Survey October 2022 by the Employee Benefits Research Institute. With an inflation rate of 7.1% in November, it is not surprising that savings have not reached the extent they once were. But there are ways to do that Bring extra income without taking on a full time job.
Some part-time gigs—such as teaching, pet care, or helping with tax preparation—allow retirees to work a few hours at a time, and the extra income can make all the difference.
Here are some ideas to consider.
People also read…
Pet sitting or dog walking
If you have a fenced yard and have the ability to care for someone else’s furry family members, pet services can be both profitable and flexible. to me Data were analyzed by the Preply e-learning platformDog walking is the most lucrative side activity in terms of average hourly wages.
“Not to mention, having dog companionship offers many health benefits,” says Andrea Woruch, a consumer finance expert. “So pet sitting is a great way to get that without the high costs of owning your dog.”
One of the few perks of the pandemic is the boom in online teaching and tutoring. You can set up shop on an online education site like Preply or Wyzant, or an online education site like Udemy. “Set aside a few hours on weekend nights to teach students online,” says Woroch.
If you have the credentials, consider creating a college-level course that you can teach as an assistant professor.
“I created and teach veterans’ issues at the Sanford School of Public Policy at Duke University,” says Paul Dillon, owner of Dillon Advisory Services, which helps veterans who want to start a business. “When the course is offered, I spend about five to 10 hours per week on course-related work.”
Consulting or freelancing
Retirees often have decades of valuable experience. Project work can help you stay in the game on your schedule.
“Consulting is a great way to continue staying relevant in your industry and offering your insight and advice without having to go back to the office full time,” says Jacques Fami Jr., managing partner and chief marketing officer at trade finance firm AdvancePoint Capital. . “You can either provide services through a company or start your own side business.”
Meeting the needs of the community
Depending on where you live, there may be ample opportunities to pick up a side business with your town or city. Your local school may need substitute teachers occasionally (or frequent – flu season!), for example.
“Many elementary and secondary schools could use the talents of retirees,” says Janet Heller, president of the Michigan English Language Association. Heller points to the need for jumper guards, assistant coaches for sports teams, and breakout supervisors, among others. Contact your local school district to see what part-time locations may be available.
Do you have lots of extra homes, and do you live in an area that attracts visitors?
“Instead of letting that newly renovated basement or spare room go to waste, rent it out on Airbnb,” says Brian DeChesare, founder of Breaking Into Wall Street, a financial modeling training platform. “You can set your ideal availability, so you’ll never be stuck with guests at the wrong times.”
One tip: If you’re spending the winter (or summer) elsewhere, consider hiring a property manager to manage the rentals for your space.
Tax preparation or bookkeeping
Got tax preparation skills? You can find work helping with tax returns for the first few months of the year—and then take time off for the rest of the year. This is a great opportunity for anyone with tax experience, but it is also possible to take a tax preparation course that will prepare you for places at large tax firms.
The same goes for bookkeeping if you have a finance or accounting background. You can put your previous financial skills to work independently or take a bookkeeping skills course to qualify for project work.
“If you are looking to do additional work, or build your skills – which could mean getting a certificate or taking another course to help make yourself more competitive in a particular role – we definitely encourage our clients to consider doing so,” Tony Vrana, Principal FlexJobs Professional Services. “For something that requires some knowledge of financial areas… you need a little bit of experience in those areas.”
This article was written by NerdWallet and originally published by the Associated Press.
The article 6 Ways to Make Extra Money in Retirement originally appeared on NerdWallet.